If that LCD is on an analog (VGA) signal, then the lower the better - because the signal re-digitizing circuitry in the LCD can then phase in with the signal more easily, giving a sharper impression. If it's on DVI, then signal frequency doesn't matter at all for image quality, it's just that a higher feed rate also loads the VGA memory more - you'll get faster rendering at a lower refresh rate ... but that'll be noticeable only when you hit the ceiling of the card's rendering speed.
As for tearing, well that won't happen if you leave VSync-ed rendering enabled - and with the best of LCDs managing a 16 millisecond pixels witch rate, 60 Hz is still exactly sufficient.